$365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin • Hacker News Board

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#91

Post by 1996 » Thu, May 13, 2021, 6:53 PM UTC

marsrover wrote: post #40

bob33212 wrote: post #3

How long until other companies take it off their balance sheets? It is amazing how many smart people got sucked into the BTC nonsense. It has always been a libertarian dream currency that was never going to be useful in the real world, other than for buying drugs online.

Nothing makes me happier than to see someone act so condescending about "buying drugs online" while at the same time being so out of touch with reality. Well, nothing other than the fact that I'm a millionaire today because I decided to buy drugs online in 2013.

Personal congrats on your life decisions, even if that may not fly here :)

Like the pencil said when you sharpened it:

  Never say yes to drugs!

   ever say yes to drugs!

        say yes to drugs!

            yes to drugs!

                to drugs!

                   drugs!

More people should have listened to the pencil! (see also: "I, pencil" by Leonard E. Read)

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#92

Post by jnwatson » Thu, May 13, 2021, 6:53 PM UTC

mvzvm wrote: post #30

BitwiseFool wrote: post #5

Earlier quoted context omitted.

I don't want the SEC involved in crypto, at all.

I do. Right now it feels like a carnival full of carnies.

Folks have forgotten the reasons why the SEC was created in the first place, probably because the heyday of unregistered securities, etc, was over 100 years ago.

While you could make plenty of argument that the SEC should do more, it doesn't make any sense that it should do less.

Lots of folks will lose a lot of money in cryptocurrency schemes in the next few years. We desperately need more regulation.

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#93

Post by sickygnar » Thu, May 13, 2021, 6:55 PM UTC

liquidise wrote: post #8

My hot-take having watched the culling from an invested position follows. Disclaimer: i hold both BTC and ETH. While the market in general is down, the major losses in this crash were Bitcoin, Doge and Shiba. Bitcoin is an obvious result given the news. Doge and Shiba have had pretty spectacular gains over the last ~30d and seeing them lose considerable value is unsurprising if you follow crypto markets much. Seeming…

I'm the oppsite, and I'm not a btc maximalist. I'm not going to make any predicitons about the price direction of either coin, I'm mainly surprised by eth's huge rise. there's some risk with the eth2 / PoS migration, though it comes with a huge benefit. would someone mind explaining the technical risk? i'm not that well versed in it, maybe i'm overstating it (the market is obviously bullish about it). without it, smart contracts are borderline unusable.

eth also has a big target on its back, a lot of the top coins are going after the smart contract space, mainly the centralized bootleg garbage called binance chain, which unfortunately does fill a market need, at least to less discerning "investors." to my detriment, i haven't touched it.

in contrast to eth, i'm not surprised about btc's rise. it does one thing and it does it well. it seems to work well as a hedge against inflation. i don't think that many people care about the environmental impact. it's not immediately visible, at least not like cars and other polluters. it's out of sight and out of mind.

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#94

Post by bob33212 » Thu, May 13, 2021, 6:56 PM UTC

marsrover wrote: post #85

uncomputation wrote: post #59

Earlier quoted context omitted.

…Congratulations? You didn’t actually address his concerns (although they were troll-y in nature). You just flexed about your own wealth, which just as easily could’ve come from betting on the right stock in 2013. I don’t understand crypto advocates whose only plus-one for crypto is that it made them personally rich. It just as easily could’ve gone nowhere and just because the market happens to be in your favor for n…

Ah, how little I care about any of this these days.

Sounds like the drugs are working.

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#95

Post by marsrover » Thu, May 13, 2021, 6:56 PM UTC

1996 wrote: post #91

marsrover wrote: post #40

Earlier quoted context omitted.

Nothing makes me happier than to see someone act so condescending about "buying drugs online" while at the same time being so out of touch with reality. Well, nothing other than the fact that I'm a millionaire today because I decided to buy drugs online in 2013.

Personal congrats on your life decisions, even if that may not fly here :) Like the pencil said when you sharpened it: Never say yes to drugs! ever say yes to drugs! say yes to drugs! yes to drugs! to drugs! drugs! More people should have listened to the pencil! (see also: "I, pencil" by Leonard E. Read)

Thank you very much. Congrats on your personal life decisions as well.

The fact that these types of decisions don't fly here makes it all the more fun to rub it in their faces :)

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#96

Post by paulpauper » Thu, May 13, 2021, 6:56 PM UTC

gradys wrote: post #16

hd4 wrote: post #6

The media tends to be extremely trigger-happy to blame a correction or dip in crypto on a single event like Tesla not accepting BTC while it's just as likely that this is an effect of the wider market correction that's taking place after the inflation/CPI news this week.

You'd think an intrinsically deflationary asset like Bitcoin would move differently in the face of USD inflation. Any explanation for why this might be?

bitcoin, like gold, is only an effective hedge against a currency that is falling relative to the US dollar. If you have dollar-denominated assets , such as stocks, there is no need for Bitcoin to hedge inflation.

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#97

Post by dragontamer » Thu, May 13, 2021, 6:57 PM UTC

hd4 wrote: post #6

The media tends to be extremely trigger-happy to blame a correction or dip in crypto on a single event like Tesla not accepting BTC while it's just as likely that this is an effect of the wider market correction that's taking place after the inflation/CPI news this week.

If the dollar is inflating away, you'd want to sell dollars and buy BTC and otherwise run away from the dollar.

The inflation argument makes no sense. Inflation would cause BTC to go up in value. Something else is causing BTC to drop in value.

Personally, I think this has more to do with Vitalik's $Billion donation to charity. What do you think would happen when a whale decides to sell $1-Billion worth of various cryptocoins? I bet they're liquidating all of those various cryptocoins into BTC, and then using the large BTC-exchanges to convert it into fiat.

All this Tesla stuff seems like a red-herring to me.

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#98

Post by myth_buster » Thu, May 13, 2021, 6:57 PM UTC

sakopov wrote: post #31

Very perplexing behavior from Musk, I must say. Bitcoin's energy consumption has been front-and-center for a few years now and even more so when the bull market got hot. How does Musk decide to throw $1.5 billion worth of Tesla's cash into BTC without acknowledging this? I was expecting a little bit more due-diligence from him, but he's been absolutely consumed by crypto markets in general.

Tesla seeks entry into U.S. renewable fuel credit market - sources - May 12, 2021 9:33 AM PT

https://www.reuters.com/business/sustainable-business/exclus...

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#99

Post by capableweb » Thu, May 13, 2021, 6:58 PM UTC

slg wrote: post #87

phire wrote: post #66

Earlier quoted context omitted.

Tesla might not have dumped. But I'd be very interested to see Musk's personal trading accounts, and the trading accounts of his close associates.

It is incredibly hard to imagine that the upside in Musk's personal Bitcoin stake, whatever it is, is anywhere close to approaching his personal stake in Tesla. Something like 70% of his net worth is Tesla stock. It would be unbelievably stupid to jeopardize the value of the Tesla stock to pump up the value of his Bitcoin holdings. Some of these anti-Musk conspiracy theories are truly crazy especially considering the…

> It is incredibly hard to image that the upside in Musk's personal Bitcoin stake, whatever it is, is anywhere close to approaching his personal stake in Tesla. Something like 70% of his net worth is Tesla stock. It would be unbelievably stupid to jeopardize the value of the Tesla stock to pump up the value of his Bitcoin holdings.

I think it's fair to suspect something here though, and question Musks behavior these last few years. Yes, originally he wanted to save the world with Tesla and also find a new world with SpaceX (at least that was the outspoken goals), but his current dealings that skirt on legality of things, gives another side of him.

Some people who seemed to be driven by the goodness of their heart ends up chasing the same money-dragon as many before them. It's not impossible.

Re: $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin

#100

Post by unstatusthequo » Thu, May 13, 2021, 6:58 PM UTC

bknybkny wrote: post #37

Elon just learned that BTC is bad for the environment? Should have googled it before he bought $1.5 billion of it! Honest mistake I suppose.

He wants people to buy solar panels and battery power walls. High legacy-created energy cost is good for business, no?